10th Circ. Affirms Lengthy Ponzi Scheme Sentences

Law360, New York (February 16, 2010, 7:14 PM EST) -- A federal appeals court has rejected nearly all of the arguments put forward by two convicted Ponzi schemers who had appealed their lengthy criminal sentences for defrauding investors of nearly $50 million.

As a result of the ruling, handed down Friday by a three-judge panel of the U.S. Court of Appeals for the Tenth Circuit, both Norman Schmidt and his former associate Charles Lewis still face years behind bars.

Lewis, who was sentenced to 30 years in prison for conspiracy, money laundering, and mail, wire and...
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